9 July 2020
SINGAPORE, 9 July 2020
MoolahGo®, a leading multi-currency digital payments specialist in Singapore, hits another record growth rate in the 2nd Quarter of 2020.
MoolahGo specializes in cross-border multi-currency digital payments for the Business-to-Business (B2B) market.
Through its open API Integration platform, MoolahGo has attracted many financial institutions, eWallets and businesses around the world to join its rapidly expanding network. By connecting to MoolahGo, its members are able to digitize their cross-border payment transactions, tap into new revenue opportunities and reach new customers in over 40 countries, across more than 20 currencies via its payout network of over 1,000 banks and agents.
In Q2-2020, MoolahGo recorded a massive 480% jump in business volume compared to the same period in the previous year. Its stellar performance in Q2 followed an equally impressive two-fold rise in quarter-on-quarter volume. The rise in volume has similarly driven its quarterly net revenues up by more than 250%.
As a digital payments provider, MoolahGo's business has experienced increased activities during the COVID-19 pandemic as society moves towards cashless payments. It's recent strong performance has also been as a result of expansion of its customer base and forging new strategic partnerships. One such partnership is with Global eTrade Services (GeTS), a subsidiary of PSA Singapore.
"We feel very confident of our business going forward knowing that the payment services that we provide to our customers have been market tested during this very challenging times of a pandemic. It is also very heartening to know that its not all just about business. Our digital payment services are essential in helping the country on its battle against a pandemic. This sense of humility propels us to forge ahead more than anything," said John Hakim, Founder and CEO of MoolahGo.
It is noted that this growth comes soon after it concluded a post-seed funding round with the Asian business giant, Lippo Group, which it announced in March this year. To take its business to the next phase, MoolahGo is planning its Series funding round and is already seeing interests from institutional investors.
MoolahGo is a Singapore founded and headquartered Fintech startup that specializes in multi-currency digital payments services. Its open API platform allows businesses, financial institutions, and other digital payment providers to connect it for a seamless cross-border payment and foreign currency solutions. MoolahGo is licensed and regulated as a Major Payments Institution by the financial regulator of Singapore ("MAS") and has ambitions to expand into other digital payments services such as e-money and e-wallets.
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